In this episode of The Trusted Adviser, Rob Pyne speaks with Michael Goodman. Michael built Wealthstream Advisors with a long-term vision for independence. He avoided outside capital and designed a succession model that protects ownership for future generations. Now a managing partner at Greenspring Advisors, he shares how a merger helped expand internal ownership, secure leadership depth, and strengthen governance.
Rob and Michael explore how values, structure, and timing shape a firm’s ability to stay independent. They unpack the realities behind succession without private equity and the mechanics that support multi-generational stability. This episode gives practice owners a clear view of what it takes to protect culture and continuity for decades.
LISTEN
SHOW NOTES
Topics Discussed
- Planning for succession early. Why leadership teams must start ownership transition long before retirement.
- Broad employee ownership. How expanding shareholders from 11 to 23 improves resilience and reduces key person risk.
- Independence from outside capital. Why private equity did not align with Michael’s client-first philosophy.
- Governance built for longevity. How elected boards and shared leadership sustain culture across generations.
- Values as a strategic filter. Why independence and alignment matter more than short-term valuations.
- Cultural integration after a merger. How Wellstream and Greenspring combined systems without losing identity.
- Next-generation leadership. What it takes to prepare future owners for stewardship rather than short-term gains.
- Client alignment through internal ownership. Why keeping equity inside the firm safeguards trust.
- Designing structures that outlast founders. How governance, equity plans, and shared decision-making drive continuity.
Episode Highlights
(Timestamps are approximate)
- [00:01] – Rob introduces Michael; outlines Wealthstream origin story and Greenspring merger.
- [01:24] – Early succession planning shaped Michael’s view on long-term independence.
- [02:41] – Broad ownership reduces concentration risk; 11 owners became 23.
- [03:55] – Private equity offers liquidity but misaligns with client-first values.
- [05:12] – Accounting partnership roots shaped Michael’s belief in internal ownership.
- [06:48] – Governance must evolve ahead of scale; elected board supports continuity.
- [08:02] – Merger brought systems strength without cultural loss.
- [10:14] – Independence relies on structured capital plans that outlive the founder.
- [12:27] – Multi-generational firms need leaders who see themselves as stewards.
- [14:19] – Client trust deepens when decision-makers also serve clients.
- [15:43] – Shared leadership reduces pressure on founders and strengthens resilience.
- [17:22] – Michael describes the long arc of his succession planning journey.
- [18:59] – Equity expansion must balance fairness, contribution, and long-term health.
- [20:44] – Values drive governance decisions when valuations become distracting.
- [22:11] – Culture grows stronger when ownership broadens across high performers.
Quotes
“Independence survives when you plan early and bring people into ownership long before you need to exit.” – Michael Goodman
“Broad ownership protects culture and reduces key person risk.” – Michael Goodman
“Clients win when the people who serve them hold the decision-making power.” – Michael Goodman
“Governance must reflect the future firm, not the founder’s past.” – Michael Goodman
“Succession is a stewardship act built on values, not valuations.” – Rob Pyne
Resources & Links
- The Trusted Adviser: https://thetrustedadviser.com.au/
- Greenspring Advisors: https://greenspringadvisors.com/
- Connect with Rob Pyne on LinkedIn
- Connect with Michael Goodman on LinkedIn
- Follow The Trusted Adviser Podcast
Key Takeaways
- The merger aimed to strengthen employee ownership and governance.
- Independence in financial advisory can enhance client experience.
- A strong shareholder base is crucial for succession planning.
- Diversity of thought in leadership leads to better decision-making.
- Cultural alignment is key in successful mergers.
- Employee engagement fosters a positive work environment.
- Training programs are essential for developing talent.
- Maintaining a focus on long-term goals is vital for success.
- Personal connections among employees enhance workplace culture.
- Legacy planning should prioritize the well-being of employees and clients.
Show notes and transcript
For the full show notes and transcript from this episode, head to the episode page on The Trusted Adviser Website here.